Meeting in Vientiane on December 11, representatives from Vietnam, Laos, China, Cambodia, Myanmar, and Thailand agreed that each RIF projects will involve at least two GMS countries to ensure its connectivity.
RIF is an open investment framework and it is updated every year based on which the Asian Development Bank (ADB) seeks financial aid for GMS countries.
RIF has an estimated capitalisation of UD$50-60 billion, of which US$2-3 billion will be sourced from ADB and the remainder will come from development donors and private businesses.
Addressing the event, Vietnamese Deputy Minister of Planning and Investment Nguyen The Phuong hailed the approval of RIF as a milestone in the GMS cooperation framework for 2012-2022, and proposed parties concerned increase cooperation to foster the grouping’s connectivity.
Vietnam is willing to cooperate with other GMS countries, development partners, the private businesses sector, and relevant parties to achieve the GMS’s vision and goals, Phuong said.
The conference adopted a joint statement, affirming that boosting GMS cooperation is of importance to regional and global economies. The joint statement says RIF is a strategic plan and the guideline of the GMS development.